Similar rise in NI could yield £17.8m
Raising taxes by a penny could bring government an extra £10 million per year, according to the Treasury Minister.
Alfred Cannan was responding to a question in the House of Keys from South Douglas MHK Kate Beecroft.
She wanted to know what effect a 1% increase on income tax rates and national insurance contributions would have on government revenue.
Bumping the lower 10% band to 11% would generate up to £2.8 million, he said, and the same increase on the higher 20% band £7.1 million.
For context, that would almost be enough to cover a year's overspend at Noble's Hospital.
Similar increases to National Insurance contributions could also raise up to £17.8 million in additional income.
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